Cambria Community Services District (CCSD) has, for a number of years, provided employees with a deferred compensation plan (457b) to place their contributions along with the CCSD contributions. CCSD has hired a financial advisor firm, Baldwin Group Wealth Advisors (BGWA), to review the plan's performance, investment fund diversity, fund management, and fees that were being charged. The findings were that the plan's current investment offerings are saturated in some areas of the market and charged fees over the market rate when compared to funds in their benchmark. MissionSquare (MSQ) is charging 81 bps or 0.81% for their admin fees.

BGWA has recommended investment changes and presented a Request for Information to which five recordkeeping plans responded. CCSD’s executive staff reviewed all proposals and chose to stay with MissionSquare. MissionSquare’s admin fees will be reduced to 49 bps or 0.49%. We expect MSQ to implement the new admin fees in January.

The CCSD 457(b) Plan has always been an important part of your benefits package. We will be researching and reviewing the Plan to make sure it continues to meet long-term financial goals and investment objectives. With the working BGWA, our 457(b) Plan will become an even better way to prepare for the future, no matter what your stage of life.  In the coming months, the plan will implement new investment options and enhance the quality of the fund selection. We expect to have other new features to the plan and will notify you along the way.

If you have any questions, please contact Denise Fritz.